HEFICON: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HEFICON
Largest movements
- Cash -€76,592
down €76,592 (-57.3%), from €133,673 to €57,082
mainly Other debts (-€71,064) and Investment in fixed assets (net) (-€50,762)
- Tangible fixed assets +€44,226
up €44,226 (+326.8%), from €13,533 to €57,760
of which Land and buildings: +€37,484
- Receivables within one year -€8,418
down €8,418 (-28.2%), from €29,886 to €21,468
of which Trade receivables: -€15,128
- Other debts -€71,064
no longer reported in 2025 (was €71,064)
- Reserves +€28,500
up €28,500 (+33.4%), from €85,300 to €113,800
- Tax, wage and social debts +€3,208
up €3,208 (+14.9%), from €21,484 to €24,693
- Gross operating margin -€67,888
down €67,888 (-57.0%), from €119,117 to €51,228
- Taxes -€23,235
down €23,235 (-62.5%), from €37,152 to €13,918
- Depreciation +€1,360
up €1,360 (+26.3%), from €5,175 to €6,535
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €181,252 | €140,229 | -€41,023 | -22.6% |
| Fixed assets | 21/28 | €13,533 | €57,760 | +€44,226 | +326.8% |
| Tangible fixed assets | 22/27 | €13,533 | €57,760 | +€44,226 | +326.8% |
| Land and buildings | 22 | - | €37,484 | +€37,484 | |
| Plant, machinery and equipment | 23 | €11,231 | €10,006 | -€1,226 | -10.9% |
| Furniture and vehicles | 24 | €2,302 | €10,270 | +€7,968 | +346.1% |
| Current assets | 29/58 | €167,719 | €82,470 | -€85,249 | -50.8% |
| Stocks and contracts in progress | 3 | €1,448 | €1,448 | = | 0.0% |
| Stocks | 30/36 | €1,448 | €1,448 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €29,886 | €21,468 | -€8,418 | -28.2% |
| Trade receivables | 40 | €29,886 | €14,758 | -€15,128 | -50.6% |
| Other amounts receivable | 41 | - | €6,710 | +€6,710 | |
| Cash at bank and in hand | 54/58 | €133,673 | €57,082 | -€76,592 | -57.3% |
| Deferred charges and accrued income | 490/1 | €2,712 | €2,473 | -€240 | -8.8% |
| Total equity and liabilities | 10/49 | €181,252 | €140,229 | -€41,023 | -22.6% |
| Equity | 10/15 | €85,445 | €114,014 | +€28,569 | +33.4% |
| Reserves | 13 | €85,300 | €113,800 | +€28,500 | +33.4% |
| Distributable reserves | 133 | €85,300 | €113,800 | +€28,500 | +33.4% |
| Profit (loss) carried forward | 14 | €145 | €214 | +€69 | +47.6% |
| Amounts payable | 17/49 | €95,807 | €26,215 | -€69,592 | -72.6% |
| Amounts payable within one year | 42/48 | €95,807 | €26,215 | -€69,592 | -72.6% |
| Trade debts | 44 | €3,259 | €1,523 | -€1,736 | -53.3% |
| Suppliers | 440/4 | €3,259 | €1,523 | -€1,736 | -53.3% |
| Taxes, remuneration and social security | 45 | €21,484 | €24,693 | +€3,208 | +14.9% |
| Taxes | 450/3 | €21,484 | €24,693 | +€3,208 | +14.9% |
| Other amounts payable | 47/48 | €71,064 | - | -€71,064 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,175 | €6,535 | +€1,360 | +26.3% |
| Other operating charges | 640/8 | €3,167 | €2,009 | -€1,158 | -36.6% |
| Gross operating margin | 9900 | €119,117 | €51,228 | -€67,888 | -57.0% |
| Operating profit (loss) | 9901 | €110,774 | €42,684 | -€68,090 | -61.5% |
| Financial income | 75/76B | €48 | €136 | +€88 | +183.2% |
| Recurring financial income | 75 | €48 | €136 | +€88 | +183.2% |
| Financial charges | 65/66B | €321 | €334 | +€13 | +3.9% |
| Recurring financial charges | 65 | €321 | €334 | +€13 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €110,501 | €42,487 | -€68,015 | -61.6% |
| Income taxes | 67/77 | €37,152 | €13,918 | -€23,235 | -62.5% |
| Profit (loss) for the period | 9904 | €73,349 | €28,569 | -€44,780 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,349 | €28,569 | -€44,780 | -61.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.